Egypt signed on Monday a Memorandum of Understanding (MoU) with Maersk in a joint bid to further accelerate the supply of green fuels for ships as part of the shipping industry’s transition to net-zero.
Egyptian Prime Minister Mostafa Madbouly witnessed the signing of the deal with the General Authority for Suez Canal Economic Zone (SCZone), the Egyptian New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), the Sovereign Fund of Egypt for Investment and Development (TSFE), and Maersk.
The agreement will see the establishment of a project to produce green fuels for ship bunkering supplies and to achieve zero carbon emissions.
The signing was attended by Egypt's Electricity Minister Mohamed Shaker and Morten Bo Christiansen, Head of Decarbonization at Maersk.
The MoU is in line with the government's commitment to green projects, especially since Egypt will host the 27th session of the Conference of the Parties (COP 27) to the UNFCCC .
Madbouly stressed that Egypt, under the leadership of President Abdel Fattah al-Sisi, continues to strive to expand in the field of clean energy and its uses.
This is evident through providing the necessary support in this field, while placing green fuel projects on its list of priorities, and pushing for the implementation of these projects as pillars of the state’s strategy towards the localization of the green fuel industry.
“Capitalizing on Egypt’s fundamentals and vision, SCZone’s strategic integrated areas of ports and industrial parks around the Suez Canal and leveraging on the solid and enduring longstanding relationship we have with Maersk, I am looking forward to the evolvement of this project, which meets our mutual target of transforming into the green economy,” said Eng. Yahia Zaki, Chairman of the SCZone.